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Electronic Payments of All Federal Benefits

Source: U.S. Dept. of the Treasury, Financial Management Service

The U.S. Department of the Treasury recently announced a new rule requiring all federal benefit and nontax payments to be paid electronically. People applying for Social Security, Veterans benefits, or other federal benefits on or after May 1, 2011, will receive their payments electronically starting with their first payment. People currently receiving federal benefit checks will need to switch to an electronic payment option by March 1, 2013. People already receiving benefit payments electronically do not need to take action. They will continue to receive their payment as usual on the payment day.

People who do not choose an electronic payment option at the time they apply for federal benefits or who do not switch by the deadline will receive their benefit payments via the Direct Express® Debit MasterCard® card, so they will not experience any interruption in payment. The Direct Express® card is a prepaid debit card for federal benefit payments.

Getting your payment electronically is safer and more reliable than by paper check. In 2010, more than 540,000 Treasury-issued checks were reported lost or stolen. With direct deposit, the Treasury Department sends an electronic message to your bank or credit union account on your usual payment day with the exact amount of your benefit payment from Social Security, VA, or other federal agency. You don’t have to worry about your money being stolen out of your mailbox and there’s no need to make a trip to cash or deposit a check. Your money is on time, every time. Plus, it’s better for the environment and saves taxpayer dollars.

Applying for federal benefits soon? Go direct from day one!

If you are applying for federal benefits on or after May 1, 2011, you will need to get your money electronically from day one. Be ready to choose direct deposit at the time you apply for benefits. To get your money through direct deposit, here are three things you will need to know:

The type of account you have (checking or savings)

Your CapEd nine-digit routing transit number that often comes before your account number at the bottom of your checks*

Your CapEd checking or savings account number*

*This information is often on your personal checks.

Receiving federal benefit checks? Make the switch today.

You must switch to direct deposit by March 1, 2013. But why wait? Don’t delay—ask for electronic payments today and start getting your money the safer, more convenient way. It’s easy:

Have your CapEd account information and most recent benefit check on hand.

Act now and get your money the safest, most reliable way. Sign up for direct deposit of your federal benefit payments today! For more information, visit www.GoDirect.org.

The Direct Express® logo, Go Direct® and Direct Express® are registered service marks, and the Go DirectSM logo is a service mark, of the U.S. Department of the Treasury, Financial Management Service (used with permission). The Direct Express® Debit MasterCard® card is issued by Comerica Bank, pursuant to a license by MasterCard International Incorporated. MasterCard® and the MasterCard® Brand Mark are registered trademarks of MasterCard International Incorporated.

CapEd Credit Union® serves the communities of the Treasure Valley and Magic Valley with branches and ATMs in Boise, Nampa, Eagle, Kuna, Meridian, Caldwell, and Twin Falls. From personal loan products like checking and savings, to business services like commercial loans and treasury management, we have you covered! Bank with us today!

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